Online General Business Resource

Month: June 2017

Ever heard about the Law of Attraction (LOA)? A lot of life coaches and motivational speakers encourage people to adopt this principle to be able to achieve what they want in life. But did you know that you can use the LOA to create a business that attracts the right customers and clients? That’s the truth between LOA and the entrepreneur. The power of positive thinking must play a central role in achieving the goals of a business.

What is the Law of Attraction?

LOA states that based on vibration and energy, like attracts like. That means the energy you put into everything you do, say, and think determines the kinds of things you attract into your life. Your actions, feelings, and thoughts should be consistent with your goals for them to be realized.

How is LOA relevant to a business?

When applied to your business, LOA involves not only thinking about your business but also concentrating on the kind of clients and customers you want to deal with and the success you desire for your business. This mindset is in stark contrast to that of a business owner who always worries about problems such as difficult clients and customers, lack of money, and even the troubles of building a profitable business.

Obsessing about difficult clients and customers will never help in attracting the kind of people you want to do business with. Likewise, if you worry a lot about financial problems, then you are more likely to suffer from these woes.

If you have lots of negative thoughts and feelings about your business, you can still reverse it to ensure success. Focus on the positive—adopt the LOA principle. Constantly remind yourself why you have become an entrepreneur in the first place. Try to imagine what your business would look like if you could achieve your goals. Positive thinking can indeed do wonders on how your business will perform in the long run.

Studies have proven that women entrepreneurs perform much better than businessmen. Women are also more likely to start a successful business than men, according to research. That is why the Australian government and some organizations provide women more than 1,000 business grants at the national and state levels. These grants are intended to help women start their own businesses as well as to encourage more women to participate and compete in the world of business.

What is a woman business grant for?

On a larger scale, providing business grants is one way of empowering women. Business grants assist women in starting or growing their businesses, whether at home or small-scale enterprise. Every year, thousands of women business grants are offered to those who want to start businesses such as consulting, record labels, arts and crafts, brokerage, and others.

Grants vs. loans: How are they different?

It is important as well to know the difference between business grants and business loans. With a business grant, you do not have to pay anything back. On the other hand, you are responsible for paying the loan plus the interest on business loans.

How to get started

If you are planning to start your own business, come up with a feasible business plan. This will help you write a good grant proposal if your prospective business has a sense of direction.

If you are looking for a small business grant, browse through various websites to find funding programs to which you are qualified. Finding grants for your business is far from simple—it involves waiting for a long time. It can take more than a year to find business grants to apply for and another few months to wait until the grant is awarded to you.

Finding a grant that suits your business is not going to be a smooth-sailing endeavor. There will always be rough edges along the way. But don’t be frustrated after spending endless hours scouring and applying for women business grants. Once you have found the one for you, you’ll be on the right track to developing your business.

Do you think it’s the perfect time to restructure your business in Australia to Proprietary Limited company (Pty Ltd)? Converting to a different business structure entails a great deal of research, financial investment, and planning. If you are considering going from being a sole trader to a Pty Ltd company, here are some tips to consider.

1. Compare the pros and cons of each business structure

As a sole trader, carefully weigh the advantages of forming a company against the costs related to the business restructuring. Especially if your business is service-based, changing your business structure can be very advantageous. For instance, a Pty Ltd can provide some form of liability protection to your personal assets that sole trading cannot. If the advantages outweigh the costs of the conversion, then go ahead with the restructuring of your business.

2. Consider the taxes

When computing the costs of forming a Proprietary Limited company, take into account the taxes you are required to pay. Corporations are often associated with the so-called double taxation wherein income is taxed twice (at the individual and corporate levels). Some business owners forego their shareholder dividend payments to avoid double taxation.

3. Do your paperwork

To set up a Pty Ltd, you need to register your company with Australian Securities and Investments Commission (ASIC) by filling out the Form 201 or the Application for Registration as an Australian Company and then mailing the accomplished form to ASIC.
If you are busy and barely have the time for paperwork, you can hire a private service provider (PSP) to take care of your company application for a fee. A PSP uses software that can directly access the systems of ASIC.

When your company has been registered, make sure that your company’s name is displayed where you conduct business, it’s open to the public, your CAN/ABN is included on any company documents, and your details are always updated.